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Bitcoin [BTC] Futures Update: Huobi Updates to 125x Standard, BitMEX Still on 100x

Huobi Derivatives Markets adds Bi-quarterly futures and raises the trading leverage to 125x. With Binance, Okex, Huobi, and Deribit, all offering 125x leverage, BitMEX which was criticised for 100x margins stays put. Huobi Futures today completed the upgrade on their futures platform to comply with the competition the markets. The crypto derivatives market (futures and options)

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  • Huobi Derivatives Markets adds Bi-quarterly futures and raises the trading leverage to 125x.
  • With Binance, Okex, Huobi, and Deribit, all offering 125x leverage, BitMEX which was criticised for 100x margins stays put.

Huobi Futures today completed the upgrade on their futures platform to comply with the competition the markets. The crypto derivatives market (futures and options) are the leading providers of liquidity to the crypto markets.

Since 2018, the crypto-markets have fluctuated between bear and bull cycles. As the spot and holding curves are seeing consistent growth, the Price Action has been largely dominated by futures traders.

In July 2019, during the Tangle in Tapei between BitMEX CEO, Arthur Hayes, and American Economist, Nouriel Roubini. Roubini criticized the high leverage deeply. He noted,

 There is a nice tweet called ‘BitMEX Rekt.’ […] Every other second somebody has been liquidated by these guys and thousands of them have gone into financial ruin.

Volumes and Cascading Liquidations

Currently, BitMEX and Okex are leading the Open Interest for Bitcoin futures’ contracts.

bitcoin futures open interest
Bitcoin Futures Contracts Open Interest (Source)

While BitMEX continues to be in the top two positions in 2020, there have been various instances of market slippage of BitMEX leading to higher percentage spikes on BitMEX than other exchanges. Most recently, during the June 2nd crash from $9700, the price crashed around $300 lower on BitMEX than other exchanges.

Moreover, apart from futures, Options contracts is another space where BitMEX is lagging behind Deribit and Okex.

FTX Move Contract

Furthermore, FTX Futures launched new MOVE contracts on Bitcoin which gauge the change in the price of an asset. They added the Greeks feature to the contracts yesterday, as Su Zhu, the partner at Three Arrows Capital and with Deribit Exchange tweeted,

this is pretty cool, who will be the first to offer more tools for sharp individual traders to spread-trade @FTX_Official MOVE against @DeribitExchange options?

While it comes with a risk for a lot of speculators, the futures market provides opportunities for arbitrage and efficient hedging of one’s portfolios.

Will BitMEX be able to keep up with the growth of the futures markets? Please share your views with us. 

Source: https://coingape.com/bitcoin-futures-huobi-standard/

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The crypto leaders in Forbes’ 30 Under 30 list

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Forbes has published its annual 30 Under 30 list, and a few names from the cryptocurrency space have stood out

The Forbes 2021 list, which compiles 30 individuals/teams under 30 years old in 20 different categories, was published today. The 600-awardee compilation featured some crypto entrepreneurs from BlockFi, Augur, FTX, and CoinList.

Out of the 600 youthful awardees, 10 gained recognition in the blockchain and crypto space.

One of the notable names in the list is Sam Bankman-Fried, the founder and chief executive of the crypto derivatives exchange FTX. The exchange is currently valued at $1.2 billion, and thanks to its innovative products, it raked in a profit of about $30 million this year. Bankman-Fried is also the founder of Alameda Research, a trading firm based in California.

CoinList’s Brain Tubergen also made the cut. Tubergen is the co-founder and serves as the chief product officer at the firm. The initial token offering and exchange platform has made tremendous progress since launching in 2017. As of present, the firm has facilitated over $800 million in fundraising for several promising projects in the crypto space.

Three women were also featured in the 10 crypto names featured. The first is Bitcoin core developer Amiti Uttarwar, who received a $150,000 grant from HDR Global and OKCoin in June. The list also includes Flori Marquez, founder of crypto lending platform BlockFi, and Volt Capital’s Soona Amhaz.

Joseph Krug, who is Chief Investment Officer of Pantera, was featured as well. Krug manages over $400 million across three different crypto funds. In the past, he choreographed the first ICO on Ethereum, where he raised more than $5 million for Augur, currently valued at $152 million.

Krug is joined by 21-year old Charlie Noyes, a partner at California-based Paradigm Capital. Noyes runs positions worth $100 million for the leading crypto fund in the world. He also injected a seed investment of $1 million in DeFi protocol Uniswap.

Alexander Liegl, the founder of US Bitcoin mining company Layer1 Technologies, represents the crypto mining field. The three co-founders of Authenticiti, Andrew Yang, Yeong Woo Park, and Athanasios Karachotzitis, also appeared on the list.

The last entry from the cryptocurrency industry is Jack Mallers. Mallers is the chief executive of Bitcoin investment & payments firm Zap Solutions. The firm uses the Lightning Network to facilitate its transactions.

Source: https://coinjournal.net/news/the-crypto-leaders-in-forbes-30-under-30-list/

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Facebook’s Libra rebrands to Diem

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In what can be viewed as a  strategic play, the Libra crypto project has rebranded to Diem

According to the project’s head, the rebrand will help demonstrate its independence from Facebook. The project updated its users of the change through an announcement on its website yesterday.

Diem Association also features a renewed mission and new executives.

“We are excited to introduce Diem — a new name that signals the project’s growing maturity and independence. The Diem project will provide a simple platform for FinTech innovation to thrive and enable consumers and businesses to conduct instantaneous, low-cost and highly secure transactions”, Diem Association’s CEO Stuart Levey explained.

The latest members to be brought on board are Kiran Raj who will be VP for Growth and Innovation, Christy Clark the new Chief of Staff, Dahlia Malkhi who will serve as the Chief Technology Officer and Steve Bunnell as the Chief Legal Officer.

Libra was launched in June 2019 but failed to get a positive reception. Many regulators in the sector viewed the project negatively as it received heavy criticism because of Facebook’s direct involvement. Financial authorities and even Congress members had raised questions about the project’s integrity.

“The original name was tied to an early iteration of the project that received a difficult reception from regulators. We have dramatically changed that proposition”, remarked Levey.

On the bright side, the project plausibly galvanised central banks into developing digital currency projects. Diem hopes to shake off the regulatory troubles it has previously been caught in with the rebranding move.

This is not the first time the project has been rebranded. It has had several different trademarks and brands in the past. Before its launch in June 2019, the project was called Globalcoin. It was also known as Facebook Coin for some time. Early this year, Facebook also reinvented its Calibra wallet as Novi.

The new name won’t necessarily clear Libra of the troubles it had, but it will likely help the project become a success. Before rebranding, Libra revealed plans to introduce a digital currency next year.

Source: https://coinjournal.net/news/facebooks-libra-rebrands-to-diem/

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ETH declines despite Ethereum 2.0 going live

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Ether’s (ETH) price is currently down by nearly 3% over the past 24 hours despite the Ethereum 2.0 Beacon Chain going live yesterday

The Ethereum network is inching closer to launching the Ethereum 2.0 and moving to a Proof of Stake protocol (PoS). The network developers have been working hard over the past few months to migrate to the PoS protocol successfully, and they are getting closer to their target.

Yesterday, the first stage of Ethereum 2.0 went live. According to Beaconcha.in, Ethereum 2.0 would be a generalised blockchain for decentralising computer-based applications. The network would power a wide range of applications from iPhone games to government bonds and other assets in the financial markets.

The launch of Beacon Chain concludes phase zero of Ethereum’s consensus mechanism transition. This latest development would fundamentally change how the Ethereum network settles payment within the ecosystem.

Developers and researchers believe that the Beacon Chain launch is a huge development for Ethereum as it lays the foundation for the network’s more scalable, secure and sustainable home. Although there is still much work to be done before finally migrating to the PoS protocol, the Beacon Chain launch is a significant milestone in the journey.

The Beacon Chain will serve as the backbone of the new Ethereum Blockchain. When launched, Ethereum 2.0 is expected to compete with PayPal and Visa in terms of processing speed while surpassing them in terms of payment and network transparency.

Following the launch of the Beacon Chain, Ethereum 2.0 is now left with two technical hurdles to overcome before PoS becomes a reality. The developers have to dynamically break the PoS Ethereum blockchain into shards (multiple datasets) and adopt Rollups (solution for decentralised apps).

Ether price underperforms

The news of the Beacon Chain launch should have propelled the price of Ether higher in the market, but it didn’t. At press time, ETH is currently down by nearly 3% against the U.S dollar over the past 24 hours.

ETH underperformance is in line with the general market, which has lost billions of dollars over the past hours. Bitcoin set a new all-time high 48 hours ago after reaching $19,900, but it is down by nearly 5% to currently trade at $18,580 per coin.

This could be a temporary pullback as market experts believe Bitcoin, Ethereum and other altcoins could record massive profits in the coming weeks. This bull run is unlike any other in the past, and the optimism in the market remains strong.

Source: https://coinjournal.net/news/eth-declines-despite-ethereum-2-0-going-live/

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